The straight line

Like-Kind Exchanges – Robert Bell, CPA

We are constantly dissecting the comprehensive and complex Tax Cuts and Jobs Act of 2017 (TCJA). One particular change to the tax code involves changes to section 1031 – commonly referred to as Like-Kind Exchanges. The new code reads: “No gain or loss shall be recognized on the exchange of real property  held for productive...

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Standard Mileage Rate – 2020

The standard mileage rate for business use vehicles will experience a small decrease in 2020, down from 58 cents per mile in 2019 to 57.5 cents per mile in 2020. Taxpayers can use the optional standard mileage rate to calculate deductible costs of business use vehicles.

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GASB Update – Elizabeth Thyer, Partner, CPA

The Governmental Accounting Standards Board (GASB) has issued Statement No. 84 Fiduciary Activities, effective for the fiscal year ended June 30, 2020. The goal of this Statement is to enhance the consistency and comparability of fiduciary activity reporting. This statement establishes criteria for identifying fiduciary activities and determines how fiduciary activities should be reported.  The...

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FASB Delays – Blake Miller, CPA, CFE

With Accounting Standards Update (ASU) 2019-10, the FASB has effectively delayed three standards from their original implementation date. These standards with new effective dates are: ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU provides transitions from an incurred loss model to an expected loss model...

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